Exports Decreased by 1.9% and Imports by 1.4% in September According to the General Trade System

According to preliminary foreign trade data produced within the framework of the general trade system in collaboration with the Turkish Statistical Institute and the Ministry of Commerce, exports in September 2024 decreased by 1.9% compared to the same month of the previous year, reaching 21 billion 987 million dollars, while imports decreased by 1.4%, amounting to 27 billion 116 million dollars.

According to the statement made by the Turkish Statistical Institute (TÜİK), exports increased by 2.6% and imports decreased by 8.1% in the January-September period. In the general trade system, exports during the January-September 2024 period increased by 2.6% compared to the same period of the previous year, reaching 191 billion 754 million dollars, while imports decreased by 8.1% to 252 billion 183 million dollars.

In September 2024, excluding energy products and gold, exports increased by 2.9% and imports rose by 4.5%. Exports excluding energy products and non-monetary gold rose from 20 billion 231 million dollars to 20 billion 819 million dollars in September 2024. Meanwhile, imports excluding these categories increased from 20 billion 286 million dollars to 21 billion 203 million dollars in the same month. The foreign trade deficit, excluding energy products and non-monetary gold, was recorded at 383 million dollars in September. The total foreign trade volume grew by 3.7%, reaching 42 billion 22 million dollars, with a coverage ratio of exports to imports, excluding energy and gold, at 98.2% for the month.

The foreign trade deficit increased by 0.7% in September. In September, the deficit rose to 5 billion 129 million dollars from 5 billion 95 million dollars compared to the same month last year. The ratio of exports covering imports was 81.1% in September 2024, down from 81.5% in September 2023.

In the January-September period, the foreign trade deficit decreased by 31.1%, dropping from 87 billion 664 million dollars to 60 billion 430 million dollars. The ratio of exports covering imports increased from 68.1% in the January-September 2023 period to 76.0% in the same period of 2024.

In September, the manufacturing industry accounted for 94.5% of total exports. In terms of economic activities, in September 2024, the share of the manufacturing industry in exports was 94.5%, agriculture, forestry, and fishing accounted for 3.4%, while mining and quarrying accounted for 1.6%. In the January-September period, the shares were 94.3% for manufacturing, 3.5% for agriculture, and 1.7% for mining.

Intermediate goods accounted for 67.7% of total imports in September. In September 2024, intermediate goods constituted 67.7% of imports, capital goods 16.1%, and consumer goods 15.6%. For the January-September period, the shares were 69.5% for intermediate goods, 14.9% for capital goods, and 15.4% for consumer goods.

Germany was the top exporting country in September. In September, Germany topped the exports list with 1 billion 680 million dollars, followed by the United Kingdom with 1 billion 400 million dollars, the United States with 1 billion 263 million dollars, Iraq with 1 billion 133 million dollars, and Italy with 1 billion 48 million dollars. The exports to the top five countries accounted for 29.7% of total exports.

In the January-September period, Germany again held the top spot in exports, amounting to 15 billion 295 million dollars, followed by the United States with 11 billion 789 million dollars, the United Kingdom with 11 billion 151 million dollars, Iraq with 9 billion 514 million dollars, and Italy with 9 billion 323 million dollars. The exports to the top five countries constituted 29.8% of total exports.

China ranked first in imports. In September, imports from China amounted to 3 billion 737 million dollars, followed by the Russian Federation with 3 billion 304 million dollars, Germany with 2 billion 521 million dollars, Italy with 1 billion 412 million dollars, and the United States with 1 billion 392 million dollars. The imports from the top five countries comprised 45.6% of total imports.

In the January-September period, China remained the leading country in imports with 33 billion 130 million dollars, followed by the Russian Federation with 32 billion 483 million dollars, Germany with 19 billion 816 million dollars, Italy with 13 billion 802 million dollars, and the United States with 12 billion 231 million dollars. The imports from the top five countries accounted for 44.2% of total imports.

Seasonally and calendar-adjusted series show a 1.2% decrease in exports. In the seasonally and calendar-adjusted series, exports decreased by 1.2% in September 2024 compared to the previous month, while imports increased by 1.0%. Calendar-adjusted series indicate a decrease of 1.2% in exports and 1.4% in imports compared to the same month of the previous year.

The share of high-tech products in manufacturing exports was 3.9%. The trade data, according to technology intensity, includes manufacturing industry products classified under ISIC Rev.4. In September, the share of manufacturing products in total exports was 94.5%. High-tech products accounted for 3.9% of manufacturing exports. In the January-September period, the share of manufacturing products in total exports was 94.3%, with high-tech products constituting 3.4% of manufacturing exports.

In September, manufacturing products accounted for 83.9% of total imports. High-tech products held a share of 12.6% in manufacturing imports. In the January-September period, the share of manufacturing products was 81.4% of total imports, with high-tech products comprising 11.2% of manufacturing imports.

According to the special trade system, exports in September 2024 amounted to 19 billion 989 million dollars. Under the special trade system, exports in September decreased by 1.9% compared to the same month of the previous year, reaching 19 billion 989 million dollars, while imports declined by 1.4% to 25 billion 348 million dollars. The foreign trade deficit in September rose by 0.3%, increasing from 5 billion 344 million dollars to 5 billion 358 million dollars. The coverage ratio of exports to imports was 78.9% in September 2024, down from 79.2% in September 2023.

Exports from January to September 2024 totaled 173 billion 417 million dollars. Under the special trade system, exports in the January-September period increased by 2.1% compared to the same period of the previous year, reaching 173 billion 417 million dollars, while imports decreased by 8.5% to 234 billion 822 million dollars. The foreign trade deficit decreased by 29.3%, falling from 86 billion 807 million dollars to 61 billion 404 million dollars. The coverage ratio of exports to imports increased from 66.2% in the January-September 2023 period to 73.9% in the same period of 2024.